Years back, the conventional wisdom around Florida real estate was that summer was our “slow” season.
No more! Realtors are busy!
For the last few years, we’ve seen the summer market build steadily, and this summer has certainly continued the upward momentum.
What’s happening? Let’s take a look!
As always, we look at three main indicators of market performance: inventory of available homes, number of sales, and price.
How’s the inventory? Here’s where the surprise lies. Last year at this time, we had seen a month-after-month decrease in the inventory of available homes; this year, however, our overall inventory of single family homes for sale is up 7%. While not a dramatic increase, this means that single family home buyers will see more choices available in the single family home market.
Condo buyers, however, will continue to see snug inventories. Condo living remain a popular option in Naples, and the number of sales is up dramatically over last year. Here’s what that looks like in one popular market segment: In the price range between $300 - 500,000, market statistics show almost 1,000 condo units sold over the past year!
In general, Naples property sales are booming, especially in the price category of $300,000 and up. In fact, overall pending sales are up a whopping 23% over last year at this time. In the price category of $1 million plus, home sales have also jumped, for both single family homes and condos. Even if you are looking at more moderately priced properties, it’s worth keeping an eye on this “high end” market traffic; this is the market segment that is more often quiet during the summer months, and the activity at the higher price points gives an added indication of overall trends across the Naples market.
For homes under $300,000, tighter inventory continues to be a challenge. This summer, inventory of modestly priced homes is down significantly, a full 26% less than last year at this time. Even though other price categories saw an upswing in the number of homes for sale, those who are seeking a home or condo in this price range will need to watch inventory carefully. My advice is to work closely with your Realtor to keep a close eye on properties coming onto the market and be ready to act quickly!
And finally, what about prices this summer?
Overall, prices are up significantly, with a 14% increase over last year. Prices climbed most significantly in market segment of homes $2 million and above.
As you consider the options for your next home in Naples, I’d love to work with you to navigate this dynamic market - at any time of year!
